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WATER LEASE <br />THIS WATER LEASE ("Lease") is made and entered into this P"Iday of September, <br />2009, by and between the CITY OF LOVELAND, COLORADO, a home rule municipality, <br />whose address is 500 East Third Street, Loveland, Colorado 80537 ("City"), and JAKE <br />KAUFFMAN & SON, INC., a Colorado corporation, whose address is 808 South County Road <br />9E, Loveland, Colorado 80537 ("Lessee"). <br />WHEREAS, Lessee desires to acquire augmentation water for the purpose of augmenting <br />certain wells, ponds, or pumps along the Big Thompson River; and <br />WHEREAS, the City is the owner of certain water that may be used for the purpose of <br />augmentation; and <br />WHEREAS, the City is willing to lease, on a temporary basis, a portion of its water, <br />which may include, but is not limited to, Windy Gap re-use water or water stored in the <br />Loveland Storage Reservoir (commonly known as C»leen Ridge Glade Reservoir) under the <br />terms and conditions of the Transfer Decree entered in Case No. 82CW202A to Lessee on the <br />terms and conditions set forth herein. <br />NOW, THEREFORE, in consideration of the mutual covenants and agreements herein <br />contained, the parties agree as follows: <br />1. Term. This Lease shall be effective for a term of three (3) years commencing <br />January 1, 2010 and ending December 31, 2012, unless sooner terminated as provided herein. <br />2. Water. The City shall supply up to sixty-five (65) acre-feet of augmentation <br />water per year to Lessee for Lessee's temporary substitute supply plan(s) for replacement of <br />depletions, including evaporation, at Wagner/Kauffman Pit #3, M-99.069, at Kauffman Pit M- <br />78-327 (also known as Great Western Pit #1), or as directed by the River Commissioner or the <br />Office of the State Engineer. <br />3. Annual Lease PMent. <br />a. Regardless of water supply source, Lessee shall annually pay the City <br />Four Hundred Dollars ($400) per acre-foot of water delivered under this Lease. <br />b. The Lessee's engineer shall supply to the City an anticipated schedule of <br />replacement for the calendar year, by November 1 of the previous calendar year. The <br />Lessee is responsible for notifying the City if this schedule changes. <br />C. The City shall coordinate replacement of the water to the Big Thompson <br />--'?; r?vitl die Iiix ?Gvm ssioner v the-Q#1 ce f-the State-F gia?cer,--Acceunting of <br />such will be made available to the River Commissioner and the Office of the State <br />Engineer.